Indiana State Broker Real Estate Exam

IN Broker Practice Exam

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Indiana Sample Practice Real Estate Exam Questions and Answers

Indiana State Section

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Question 1

Does Indiana have dower laws?

A	Yes
B	No

Question 2

Which tenancies does Indiana allow?

A	both
B	neither
C	joint tenancy
D	Tenancy by the entirery

Question 3

Mortgage "discount" points only apply if which of the following conditions are met?

A	The loan does not close and the buyer owes the lender for services rendered
B	The interest rate on the mortgage loan has been lowered by 1% for each point charged
C	The interest rate on the mortgage loan has been lowered by 2% for each point charged
D	The seller has agreed to pay 1% of the closing costs

Question 4

Which of the following isn't part of a deed?

A	novation
B	acknowledgement
C	Premises
D	Habendum

Question 5

Does Indiana allow reciprocity with other states?

A	No
B	Yes

Question 6

Standing trees would be considered

A	Personal Property
B	Emblements
C	Real property
D	Chattels

Question 7

Which of the following is a landlord's option for a tenant not paying rent?

A	unlawful detainer action in court
B	shutoff the gas
C	shut off the power
D	lock the tenant out of the apartment

Question 8

What term means "going to the state?"

A	Taxation
B	police power
C	Eminent Domain
D	escheat

Question 9

What is homestead protection?

A	Net cash remaining to investor after sale of investment property
B	The estimated value that an asset will have at then end of it's useful life
C	The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.
D	Gradual subsidence of waters, leaving dry land

Question 10

Is Indiana a community property state?

A	Yes
B	No

Question 11

Which is not necessary for a valid contract?

A	Offer
B	due date
C	Legal object
D	acceptance

Question 12

How often is Continuing Education due?

A	Every 4 years
B	Every 2 years
C	Every year
D	Every 3 years

Question 13

What is a holographic will?

A	a will that displays in 3D
B	a standard boiler plate will.
C	a will and testament that has been entirely handwritten and signed by the testator.
D	a will that has been approved by each family member.

Question 14

Whom is responsible for maintaining a habitable property and for complying with local housing and building codes?

A	Agent
B	Lessor
C	Lessee
D	Buyer

Question 15

In what circumstances, if any, can a broker in Indiana who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A	None; the broker may only collect compensation from one party to a transaction
B	Only when both buyer and seller give informed consent to this arrangement
C	Only when both buyer and seller have legal representation
D	In most circumstances, except when the buyer and seller are related

Question 16

Does Indiana have homestead protection?

A	No
B	Yes

Question 17

Does Indiana offer holographic wills?

A	No
B	Yes

Question 18

A Salesperson license fee is

A	$35
B	$50
C	$20
D	$25

Question 19

How many hours of pre licensing courses is required when applying for your brokers license?

A	90
B	10
C	14
D	12

Question 20

How soon can a broker receive a commission check after a closing in Indiana?

A	Once the seller agrees to the price.
B	Once the offer sheet is signed.
C	After the transaction is completed and funded.
D	When the buyer moves in.

Question 21

Which of the following does not participate in reciprocity with Indiana?

A	Connecticut
B	Florida
C	New York
D	Georgia

Question 22

Which of the following is required for an applicant to receive a Real Estate License?

A	Must have lived in the state for more than a year
B	Must have a Bachelors degree
C	Must be 25 or older
D	Must sit and pass the required exam

Question 23

Which of the following would not put a sales person in jeopardy of losing their license in Indiana?

A	Depositing his/her clients escrow money into a personal account
B	Being authorized to accept and excessive commission.
C	Placing an ad claiming to be a broker when they are not.
D	Convicted of a felony